Answers for the questions:
A) 695 B) 149,425 C) 9,425 (Overapplied overhead cost) D) 338,950 E) 209,025
The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.
Answers for the questions: A) 695 B) 149,425 C) 9,425 (Overapplied overhead cost) D) 338,950 E)...
Chapter 4 Problem 1 Please use the following information to answer questions a-e: Gateway had only one job in process during August (Job 2922) and had no finished goods inventory on August 1. Job 2922 was started in July and finished during August. Data pertaining to the job is as follows: Job 2922 Beginning WIP balance on August 1 28,975 Materials ($172,000 was Direct) 190,000 Labor ($207,000 was Direct) 213,000 Additional Overhead Costs 116,000 Units Completed Units In Process at...
13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? 14. What is the gross margin for the year? 15. What is the net operating income for the year? Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 79,000 $ 25,600 $ 37,200 The company...
9. Is manufacturing overhead underapplied or overapplied for the year? By how much? 10. What is the cost of goods available for sale during the year? 11. What is the journal entry to record the cost of goods sold referred to in item h above? 12. What is the ending balance in Finished Goods? Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods...
a. Prepare a schedule of cost of goods manufactured. b. Was the overhead underapplied or overapplied? By how much? c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Raw materials Work in process Finished Goods Beginning Ending Balance Balance $ 14,150 $22,150 $...
Predetermined Overhead Rate; Applying Overhead; Underapplied or Overapplied Overhead [LO 4-2, LO 4-4, LO 4-5] Ravsten Company uses a job-order costing system. The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,000 machine-hours and incur $153,000 in manufacturing overhead cost. The following transactions occurred during the year: a. Raw materials requisitioned for use in production, $190,000 (80% direct and 20% indirect). b. The following costs were...
EXERCISE 3-4 Underapplied and Overapplied Overhead LO3-4 Osborn Manufacturing uses a predetermined overhead rate of $18.20 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $218,400 of total manufacturing overhead for an estimated activity level of 12,000 direct labor-hours. The company actually incurred $215,000 of manufacturing overhead and 11.500 direct labo hours during the period. Required 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. Assume that the company's underapplied or...
Exercise 3-4 Underapplied and Overapplied Overhead (LO3-4] Osborn Manufacturing uses a predetermined overhead rate of $18.30 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $221,430 of total manufacturing overhead for an estimated activity level of 12,100 direct labor-hours. The company actually incurred $217,000 of manufacturing overhead and 11,600 direct labor- hours during the period. Required: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. 2. Assume that the company's underapplied...
Exercise 3-4 Underapplied and Overapplied Overhead [LO3-4] Osborn Manufacturing uses a predetermined overhead rate of $19.20 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $249,600 of total manufacturing overhead for an estimated activity level of 13,000 direct labor-hours. The company actually incurred $247000 of manufacturing overhead and 12,500 direct labor- hours during the period. Required: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. 2. Assume that the company's underapplied...
Exercise 3-4 Underapplied and Overapplied Overhead (LO3-4) Osborn Manufacturing uses a predetermined overhead rate of $18.30 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $221,430 of total manufacturing overhead for an estimated activity level of 12,100 direct labor-hours. The company actually incurred $217,000 of manufacturing overhead and 11,600 direct labor-hours during the period. Required: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. 2. Assume that the company's underapplied or...
Exercise 3-4 Underapplied and Overapplied Overhead (LO3-4) Osborn Manufacturing uses a predetermined overhead rate of $20.00 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $276,000 of total manufacturing overhead for an estimated activity level of 13,800 direct labor-hours! The company actually incurred $275,000 of manufacturing overhead and 13,300 direct labor-hours during the period Required: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. 2. Assume that the company's underapplied or...